COVID – 19 Resources

COVID-19 Mortgage Payment Relief: What’s Available to You? There is some good news in this very stressful time for people who are worried about making their mortgage payments. Canadian mortgage insurers, GenworthCanada Guaranty, and Canada Mortgage and Housing Corporate (CMHC) are backing the current crisis and are working with our lenders to develop policies to either skip or defer payments on mortgages, loans, credit cards, and lines of credit for those experiencing a sudden loss of income due to COVID-19. However, it’s important to know that these are on a case-by-case basis. Full…

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Purchase Plus Improvement Plans

Purchase plus

DID YOU KNOW ABOUT PURCHASE PLUS IMPROVEMENT PROGRAMS? Have you ever walked around your home saying, “I wish I had known about that before I bought my house.” But, being a first-time home buyer it’s like being on a freeway during rush hour and the signs are in a foreign language—you’re just trying to keep pace and take the correct exits. The experience whizzes past and you’ve had to make compromises on your home purchase. You have a property with a garage, but no master ensuite; or a master ensuite, but no finished basement; or a finished basement with a garage, but…

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  The federal government released their budget yesterday and honestly, we are shaking our heads. In the continuing saga of our nation’s housing discussion is the announcement of the First-Time Home Buyer Incentive Plan. Under the direction of the Canada Mortgage and Housing Corporation (CMHC), $1.25 billion is going to be used over three years to help first-time home buyers through a shared equity mortgage. First-time home buyers contribute the minimum five per cent down payment while the government will also contribute up to 10 per cent making the total mortgage amount less. Here is the example from the Budget…

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Credit Score

Before you type into Google, “homes for sale,” you should be taking a deep look at your credit report. We get it. It’s not the glamorous side of buying a new home but knowing how the credit bureaus rate your creditworthiness will save you time and reduce stress when you start viewing homes. HOW CREDIT SCORES IMPACT YOUR MORTGAGE RATE The majority of home buyers do not have the funds to purchase a home outright and need a loan to cover the costs. Because you are applying for a loan, your bank or lender will make a ‘hard inquiry’ on your…

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credit score

Have you been struggling to land your dream job? Maybe it’s not your qualifications that are keeping you back but your credit. Yes, we said credit. Lenders are not the only people who can access your credit history. Employers, landlords, and even cell phone companies can review your credit history. Before sending in that next job application, stop, drop, and check the score. Your credit score that is. WHAT DOES A GOOD CREDIT SCORE MEAN? Your credit score is a three-digit number between 300 and 900 that is used by lenders to determine how dependable you are with paying back…

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With the recent regulation changes in Canada, being approved for a mortgage has become a little more difficult than to pre qualify for a mortgage in 60 seconds. So why are we receiving contradictory information about how quick and easy getting a mortgage can be? Transparency, as we all know, is not a word that would be dominantly used to characterize the banking world, and in many other industries unfortunately.   We thought it was time to unveil some of the misleading interpretation that might have been adopted due to recent promotional content within our industry. Technology is evolving with…

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Top 5 Tips for First-Time Homebuyers

First-time homebuyers

Shopping for first-time homebuyers can be overwhelming if you don’t know where to start! Here are the top 5 tips for the first-time homebuyers: Build your team One of the best decisions to make in the early stages of preparing to buy a home is to start building yourself a team of trusted professionals. First, contact a Mortgage Broker who can help you with your long-term financial goals and from there you will want to find a realtor, lawyer and home inspector. Determine what you can afford It is financially savvy to first talk to a professional Mortgage Broker and…

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Why do Lenders ask for Employment letters?

employment letters

Why do Lenders ask for Employment letters? Checking for employment letters might seem like just one more piece of paper, but it’s important.  It’s due diligence.  And it works on your behalf. A borrower will provide employment letters if requested when applying for a mortgage.  You will also need a current pay stub dated within 60 days. The mortgage broker informs the borrower for additional income documents.  A lender requests the most recent 2 years Notice of Assessments or T1 Generals (tax return) or T4s certainly if overtime or bonus income is used to qualify. Employment letters should provide the…

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What is the biggest misconception with using a Mortgage Broker?

Residential Mortgage Lenders

What is the biggest misconception with using a Mortgage Broker? One of the biggest misconceptions of using mortgage brokers is that brokers place their residential mortgages with private lenders and not banks.  That is misguided information often passed down to borrowers. There are 3 types of residential mortgage lenders that borrowers are placed with. What are the Different types of Residential Mortgage lenders? ‘A’ Lenders – ‘A’ Lenders are the big name Banks, Credit Unions and Monoline lenders.  The big name Banks in the broker channel are Scotia, TD, and ATB.  Brokers in Alberta can deal with Servus Credit Union and First Calgary. There are different Credit Unions that…

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8 Things to Consider Before you sign your Mortgage Renewal

Mortgage Renewal

8 Things to Consider Before you sign your Mortgage Renewal Approximately 47% of mortgages renew this year. There are several things to consider before you sign your next mortgage renewal! Have you explored all your options? Once you receive your mortgage renewal statement, there’s nothing easier than simply signing on for another term. But while this may make sense in many cases, your family or financial situation may have changed over time.  We can look for opportunities that could better meet your needs. Are you comfortable with your payments? If you’ve been feeling financially strapped each month making your mortgage…

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